Market Report: Corn Higher, Beans Explode!

Corn was a couple of cents lower Monday, and today it was up 3-4 cents. Maybe nothing more than a contrary Tuesday performance. Export loadings were at 573,298 MT, which was an increase of 22 percent over last week. But compared to the same week last year it was only 61 percent. In the harvest progress report, corn harvest is at 42 percent, which is only 1 percent behind normal. It certainly is feeling like the harvest lows are in, but time will tell.

It is hard to describe beans today. When I got to the studio this morning just after 4AM,  beans were a little firmer. This morning a little after 8:30 beans were up 5-6 cents. Later this morning beans took off. When beans broke over the 50-day moving average at $8.94 we must have uncovered buy stops because beans really took off and eventually closed up 23-26 cents. I also read farmer selling has been light and a stronger basis would support that statement. Export loadings were very good at 63 million bushels. I also read that Chinese imports were up 44 percent over last year.